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Inflation in Germany: Prices surprisingly rise again!
Inflation in Germany over two percent: consumer prices are rising, services and food are more expensive. Current analyzes and forecasts.
Inflation in Germany: Prices surprisingly rise again!
A new inflation shock has hit Germany: the inflation rate shot to 2.2 percent in November 2024, the first time since July that it climbed above the two percent mark. This alarming development was caused by rising prices for services and food, as confirmed by the Federal Statistical Office. However, compared to the previous month, consumer prices fell by 0.2 percent, which represents a certain buffer for consumers. The price increase for food was 1.8 percent in November, while services such as restaurant visits increased by 4.0 percent. Unlike in 2022, when inflation spiked to almost nine percent due to the Ukraine conflict, economists do not expect a similar spike in inflation in the near future. Nevertheless, the issue of inflation remains highly important for people in Germany, as high inflation rates directly reduce purchasing power.
Price development in detail
The price development is complex: While food prices rose, energy prices fell by 3.7 percent year-on-year. In October, the fall in energy prices had an even more significant impact on the inflation rate, but this has now disappeared. This fact leads to negative expectations about future inflation as the dampening base effects have now disappeared. Experts assume that prices will continue to rise in the coming year, especially as price spikes for products such as butter and car insurance bills continue to cause concern. This latest data paints a picture that shows the economic situation remains volatile.
The statistics on the inflation rate support the current developments: over the last two years there has been a continuous increase with increasing pressure on consumers. As Statista reported, the figures show that the inflation rate in Germany rose continuously until November 2024. These developments are crucial for the German market as they influence consumption habits and the general quality of life. Consumers must therefore continue to prepare for shaky price conditions and use their budget wisely.